The proposed Open Network for Digital Commerce intents to keep a check on digital monopolies and create more inclusiveness within the digital commerce ecosystem. As a platform aimed to promote open networks developed on open-source methodology, ONDC will also help small, medium, and micro enterprises to board onto the digital bandwagon.
Department for Promotion of Industry and Internal Trade’s initiative intends to bring buyers and sellers on a platform. Addressing the Indian Venture and Alternate Capital Association Conclave 2022, Koshy T, CEO, ONDC said that ONDC is in talks with several entities that can help such enterprises to come online. For this, we will first educate them and give them solutions and secondly, ensure that logistics are in place. Thus, we have started aligning with many states and entities including National Bank for Agriculture and Rural Development (NABARD) and SIDBI.
A report by RedSeer, a management consulting firm has revealed that the e-commerce market in India is expected to reach $5.5 billion in market size by 2025. The ONDC initiative endeavors to promote and encourage more innovation by including an array of players within its domain.
